Hey Gotraders,
TGIF! Let’s end off the week by taking a look at how hot IPO stock Rivian (RIVN) performed on its second day of trading.
Rivian debuted on Wall Street on Wednesday at an IPO price of $78 but started trading at $106.75 per share. In case you didn’t know, Rivian went live on Gotrade yesterday! *woot woot* 🥳
The shares of Rivian continued to soar following its Wall Street Debut. On its second day of trading, Rivian closed up 22.10%, at $122.99.
Rivian is a company that is backed by some of the big boys in the industry - namely Amazon (AMZN) and Ford (F).
As of the end of trading Thursday, Rivian’s market cap was $104.9 billion. Rivian is now worth more than General Motors (GM) and Ford! *Mind-blown*
General Motors was worth $89.8 billion as of the end of trading Thursday, while Ford was worth $78.1 billion.
Why is this important? Rivian’s valuation has caused some other electric vehicle companies to look at their own valuation and wonder if they are undervalued. General Motors is one such company.
“What it highlights to me is the huge opportunity. General Motors is so undervalued. I see it as huge opportunity for General Motors to capture significant more value” - Mary Barra, CEO of General Motors.
Hmmm…..
📉 Bumble shares are down over 19% 🔻
Buzz buzz… Shares of dating app Bumble (BMBL) plummeted over 19% after the company reported a net loss of $10.67 million for the third quarter. Ouch!
Analysts were expecting the company to break even. The number of paying users was lower than expected - 2.87 million vs analysts’ expectations of 3.05 million.
Despite the Covid headwinds the company is facing, Bumble’s CEO remains optimistic and raised 2022 guidance.
Shares of Bumble closed down 19.25%, at $38.56.
📈 Shares of Alibaba & JD are up ⏫
I’m sure many of you shopped on Singles Day yesterday! The same goes for me! E-commerce companies stand to benefit from such events - Singles Day, Black Friday, festive holiday periods, etc. Alibaba (BABA) and JD.com (JD) reported record sales of around $139 billion across their platforms on China’s Singles Day! Wowza!
That’s not all, JD.com started accepting China’s digital currency, the e-CNY, on their platform for the very first time on Singles Day. Interesting!
Shares of Alibaba closed up more than 2% while shares of JD.com closed up over 8%.
Top movers & shakers 🎢
What else is making headline news 📰
Rivian (RIVN) customers who pre-ordered electric SUVs and trucks made millions from IPO pop.
Moderna (MRNA) says Covid vaccine has fewer breakthrough cases than Pfizer’s (PFE), but higher myocarditis rates in young men.
Video: Jim Cramer explains why he thinks inflation-driven sell-offs are buying opportunities.
Rivian (RIVN) IPO proves General Motors (GM) is undervalued, says GM CEO Mary Barra.
Meta (FB) and Microsoft (MSFT) announce partnership to integrate Workplace and Teams.
Prince Harry says he warned Twitter (TWTR) CEO that a coup was about to happen a day before the Capitol riot.
Beyond Meat (BYND) shares crater as losses mount, company expects weak U.S. sales growth ahead.
Popular companies releasing earnings this week 💰.
Friday: AstraZeneca (AZN), Li Auto (LI), Vipshop (VIPS), F45 Training (FXLV), and many more..
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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